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Part-nationalized Royal Bank of Scotland is working on a plan to salvage its troubled Irish business, Ulster Bank, by merging it with a number of rivals, the Sunday Times newspaper reported. Attempts to find a buyer for the business have failed and a team inside RBS is looking at tie-ups between Ulster and other lenders, such as Permanent TSB or the Irish units of Danske Bank or KBC , the newspaper reported. Bolting the institutions together could allow the new Ulster Bank to strip out costs and mount a credible challenge to Ireland's top players. Ireland's finance minister Michael
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